COSCO investment goes far beyond harbor revival

Locals call it "the pagoda" - a concrete edifice in the Greek port of Piraeus that resembles a temple in the East. In the parking lot of the derelict building, tourists from cruise ships board buses that whisk them to the archaeological sites of Athens.

If Chinese State-owned giant COSCO Shipping has its way, it will make the pagoda into a five-star hotel and conference center, breathing more life into a port that the company has made the spearhead of its European operations.

Since COSCO agreed to take over container operations at two piers in Piraeus in 2008, traffic has surged at Greece's biggest harbor, making Piraeus one of the fastest-growing ports in the world.